Fund raising by listed companies from institutional investors witnessed a massive plunge of over 90 percent to Rs 323 crore in the first quarter of 2016-17. According to the data available with the Securities and Exchange Board of India (Sebi), Indian firms garnered Rs 323 crore via qualified institutional placement (QIP) route during April-June, much lower than Rs 3,265 crore mopped-up in the same period last fiscal. The funds have been raised for expansion, refinancing of debt and to meet working capital requirements. In terms of numbers, two issues were witnessed during the period under review as compared to nine in the first quarter of last fiscal. In the entire 2015-16, a total of Rs 14,588 crore was mopped up through 24 issues. Market experts attributed the slump in fund raising through QIP route to volatile equity markets. QIP is an alternative mode of resource raising available for listed companies to raise funds from domestic market. In June, firms raked in Rs 61 crore through the QIP route, while Rs 262 crore was mobilised in May. No issues were witnessed in April. In a QIP, a listed issuer issues equity shares or non- convertible debt instruments along with warrants and convertible securities other than warrants to Qualified Institutions Buyers only.